Well, here we are… New Year’s Eve… time to make New Year’s resolutions, right?!  Well… I haven’t exactly been good about sticking to NY resolutions in the past (and really, who is?!), so I’m a little hesitant to make any.  I DO, however, have goals for the upcoming year (if I’m being honest, I actually always keep a running list of daily, weekly, monthly, and yearly goals. Gawd, I’m nerdy).  Here are my financial ones:

  • Make necessary contributions to our kids’ RESP to receive maximum government grants for the year, being $12,500 (3 kids x $2,500 plus 2 kids x $2,500 carryover – kid #3 has no carryover room).
  • Increase our automatic investment amounts (currently $500/month excluding pension contributions).
  • Keep our annual spend under $80K – I started tracking our expenses about a year and half ago and was absolutely appalled to realize that we spent about $95K in 2016 (just typing those words makes me hurt all over).  I really wanted to just type ‘Keep our annual spend under a specific amount‘ because I was too embarrassed to disclose what we spent last year, but that’s part of the raison d’être for this blog – transparency and accountability – so there you have it.
  • Increase our saving percentage (all pension and investment contributions, and savings, as a percentage of our gross income), which is currently about 20% (or at least it was until G’s income dried up – see below).
  • NOT incur any consumer debt.  We paid off all consumer debt this past year and the feeling is GLORIOUS, and we’ll fight tooth and nail to not go back into consumer debt.
  • Declutter (and sell, donate or trash) at least 2 things a day every day of the year.  At first blush, this may not seem like a financial goal, but there is a ton of overlap between minimalism and personal finances.  Minimalism and decluttering can free us from the shackles of mindless and wasteful consumerism, which has obvious benefits for our wallets and bank accounts.

These are some specific, measurable things we want to accomplish in 2017.  The true goal that we’re working towards is to live on my income alone and save all of hubs’, but we’re not even close yet, so I’ll have to save that one for next year.  Heck, even these goals above will be hard for us to achieve, given that just last month, we went down to just one income (long story), but we’re hopeful that G’s income will be replaced soon.  And even if it isn’t, we’re committed to generating income from new sources, or selling things that we no longer use to make up at least some of the shortfall…

It’ll be tough, but we’re up to the challenge!  And of course, I’ll keep you posted throughout the year as to how I’m doing with these goals…

What are your goals for 2017??